Notes to SEFA
Title: Reconciliation of Federal Awards to the Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Madison Area Technical College has not elected to apply the De Minimus indirect cost allocation rate for the year ended June 30, 2022
A schedule reconciling total federal awards to amounts reported in the basic financial statements follows: Federal revenues from Schedule of Expenditures of Federal Awards $56,693,866. Federal grants revenue recognized in the statement of revenues, epenses and changes in net assets $41,797,505. Loans presented on the Schedule of Expenditures of Federal Awards $14,896,361. $56,693,866
Title: Programs Not Subject to Single Audit
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Madison Area Technical College has not elected to apply the De Minimus indirect cost allocation rate for the year ended June 30, 2022
The following programs are included on the Schedule of Expenditures of Federal Awards but are not subject to the Single Audit Act. Assistance Listing NumberFunding AgencyName of Program Amount 64.028Department of Veteran AffairsVeterans Educational Assistance $486,911
Title: Ending of Year Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Madison Area Technical College has not elected to apply the De Minimus indirect cost allocation rate for the year ended June 30, 2022
The balance of outstanding loans as of 6/30/2021 and 2022 is $0, as Madison Area Technical College is not the lender for these loans made to students.